Act under section 62ZOF not ground for denying obligation
62ZOH Act under section 62ZOF not ground for denying obligation
This section applies if a body corporate is party to a contract, whether the proper law of the contract is:
Australian law (including the law of a State or Territory); or
law of a foreign country (including the law of part of a foreign country).
None of the matters mentioned in subsection (3) allows the contract, or a party to the contract (other than the body corporate), to do any of the following:
deny any obligation under the contract;
accelerate any debt under the contract;
close out any transaction relating to the contract;
enforce any security under the contract.
The matters are as follows:
an Insurance Act statutory manager of the body corporate doing an act under subsection 62ZOF(1) relating to the body corporate;
if the body corporate is a member of a relevant group of bodies corporate—an Insurance Act statutory manager of another member of the group doing an act under subsection 62ZOF(1) in relation to that other member.
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.